Page 50 - AML Seller's pack_ Whole document
P. 50
50 | Unit Title information
SHORT GUIDE TO UNIT TITLES – WHAT YOU NEED TO KNOW
Before you buy
Buying a unit title property means It includes the ownership levies required
sharing common property with other for the unit, whether there are any
people, and will involve different proceedings pending against the body
obligations to other purchases of land. corporate, and changes to the body
It’s important you know what you are corporate operational rules since the last
committing to. disclosure.
There are three types of disclosure Additional disclosure
documents which provide you with the
information you need to make an After entering into a sale and purchase
informed decision before you buy. agreement you can also ask for more
information about the body corporate
Pre-contract disclosure such as:
statement › the body corporate’s operational rules
A seller is required to provide a pre- › the long-term maintenance plan, and
contract disclosure statement before any regular fees you need to pay
entering into an agreement for sale and › the insurance policy for the property
purchase. It contains general information › clarity about other liabilities attached
about unit title ownership, the amount to the property, such as repair bills or
of the levy for the unit, planned maintenance fees.
maintenance, funds held by the body
corporate, and whether the unit or You may have to pay a fee for this
common property has been the subject information.
of a weathertightness claim.
Pre-settlement disclosure
statement
You get this from the seller after you Tip: Ask your local council for a
enter the agreement for sale and land information memorandum
purchase but before settlement of (LIM) – it holds information
the sale. about property and land.
6 MINISTRY OF BUSINESS, INNOVATION & EMPLOYMENT
BFT015 DEC18
